Nuveen LLC Buys New Position in OFG Bancorp $OFG

Key Points

• Nuveen LLC acquired a stake in OFG Bancorp during Q1, purchasing over 1.1 million shares valued at approximately $44.7 million, which accounts for about 2.46% of the company's total shares.
• Analysts have mixed views on OFG Bancorp; while Hovde Group lowered its target price to $50.00 with an "outperform" rating, Wells Fargo raised their target to $48.00 and maintained an "equal weight" rating.
• The company recently announced a quarterly dividend of $0.30 per share, equating to an annualized dividend of $1.20, reflecting a dividend yield of 2.8%.

Nuveen LLC bought a new stake in shares of OFG Bancorp (NYSE:OFG - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,118,157 shares of the bank's stock, valued at approximately $44,749,000. Nuveen LLC owned about 2.46% of OFG Bancorp as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of OFG Bancorp by 42.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 22,717 shares of the bank's stock valued at $909,000 after purchasing an additional 6,814 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in OFG Bancorp by 11.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,403 shares of the bank's stock valued at $1,505,000 after buying an additional 3,702 shares during the period. Bank of America Corp DE raised its position in OFG Bancorp by 11.0% during the fourth quarter. Bank of America Corp DE now owns 104,179 shares of the bank's stock valued at $4,409,000 after buying an additional 10,355 shares during the period. Principal Financial Group Inc. raised its position in OFG Bancorp by 3.2% during the first quarter. Principal Financial Group Inc. now owns 259,824 shares of the bank's stock valued at $10,398,000 after buying an additional 8,050 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in OFG Bancorp during the first quarter valued at $1,240,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Stock Down 0.7%

Shares of NYSE OFG traded down $0.30 during mid-day trading on Thursday, reaching $42.66. 127,294 shares of the company traded hands, compared to its average volume of 229,636. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $1.90 billion, a PE ratio of 10.06 and a beta of 0.77. The company's fifty day moving average is $43.11 and its two-hundred day moving average is $41.28. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 EPS for the quarter, beating analysts' consensus estimates of $1.05 by $0.10. The business had revenue of $182.20 million for the quarter, compared to analyst estimates of $181.50 million. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%.The firm's revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.08 EPS. On average, analysts expect that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.8%. OFG Bancorp's dividend payout ratio is currently 28.30%.

Analyst Upgrades and Downgrades

OFG has been the topic of several recent analyst reports. Keefe, Bruyette & Woods upped their price target on OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. Wall Street Zen raised OFG Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. Piper Sandler dropped their price target on OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. Hovde Group dropped their price target on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Finally, Wells Fargo & Company upped their price target on OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.

OFG Bancorp Company Profile

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.